GBP/USD: Scope for a test of the March/April 2022 lows at 1.2973/1.3000 – Credit Suisse

GBP/USD has successfully held its confirmed uptrend from last September and economists at Credit Suisse stay bullish for their 1.2973/1.3000 target.

Move below 1.2661 can see the uptrend from last September broken

GBP/USD has pushed strongly higher after successfully holding its uptrend from last September, now seen at 1.2661 and we still see scope for a test of the March/April 2022 lows at 1.2973/1.3000. Our bias remains to then look for a cap here. Should strength directly extend though, we would see resistance next at 1.3299, then the 78.6% retracement of the 2021/2022 fall at 1.3414. 

Below 1.2661 can see the uptrend from last September broken but with a move below the recent reaction low and 55-DMA at 1.2590 needed to suggest we have seen an important break lower, exposing support next at 1.2310.